NewWorldOrder

On 1/3/2022 at 9:22 AM, musicmeta said:

Seriously,  I've always reported what I sold minus costs every year since I can remember. 

Its a miracle one person in this thread who gets it. Well to be fair so does @FlyingDonut and @namisgr

On 3/14/2024 at 4:06 PM, ADAMANTIUM said:

Can you point to the last person to say that? I am struggling to follow your train of thought, no one has said that since this thread was bumped.

Nevermind 

Read between the lines of the whole thread. 

That's is what everyone that is complaining about has said without saying it in written form.

Who cares about the threshold and the forms.  Report your sales is the threshold. 

Many people here (maybe not you) absolutely believed that if they sold under the threshold then they would not have to report their sales and keep it all.  That is what going on here.  Hence why this thread was started.  Crying about 20k going to just $600.  Yes many people thought they could sell $19,999.99 and keep it all and not worrying about keeping sales records.  That is just nonsensical to think that way.

On 3/14/2024 at 3:58 PM, ADAMANTIUM said:

It has to do with th topic of the thread, and is not about getting into everyone's business 

But your "they don't care about $500" diatribe turned into they don't care about $5000, so if I'm looking at your posts funny

It is because it was a faint memor. I thought you mentioned the threshold you belittle was somehow $500 when your argument should be to people about 5000$

It isn't about me, but trying to understand if you're just posting to post?

I guess dry bookkeeping and accountant stuff is boring, but you know? Idk if this thread is a good idea, but carry on  :

There is no point to this thread.  It's people complaining they cant keep their profits and not wanting to pay state and fed taxes.

Never said they dont care about 5k.  Where did I say that?  I was going by the example others laid about about the selling a comic book for $500 bucks and having panic attacks about not having the paperwork proving what they paid for it.

On 3/14/2024 at 3:52 PM, ADAMANTIUM said:

And this phased in doesn't make it sound easy either, that once you start they'll weigh it for a new threshold for next year?

Regardless it says that platforms should send out the form under any amount, again at the link provided, and that supports @NewWorldOrder train of thought.

For some substance.

 

Right, but again whether they send the form or not what does it matter to you on your taxes?

Income is income.

If I sold 1K on whatnot or ebay I am supposed to report it is my point.

On 3/14/2024 at 3:44 PM, Buzzetta said:

Drew's constant trolling of Punk (but really trolling AEW with possible real life collusion from Punk) has been a masterclass. 

I was at WM back in Philly (where I am from) back in 1999, so I will actually be watching this year since its back in Philly for the 2nd time!

On 3/14/2024 at 3:43 PM, ADAMANTIUM said:

That's what i though!!

So i am not completly bonkers on a hot day, that should be discussed more to get the word out. I was trying to get to that point to avoid more misinformation.

 

So what does this change then for you?

On 3/14/2024 at 3:39 PM, Buzzetta said:

I live in a town where I walked out of Panera Bread to hear someone yelling into their cell phone while pacing the parking lot, "You are not getting it, the Feds took (Spoon)ing everything."

 

So... yeah... 

I don't understand what you mean.  The Feds went from asking about a $500 comic book to he lost everything?

CMP sucks.  God I hate him now!  Triple H embarrassed him and it was glorious back in early 2010's

On 3/14/2024 at 3:32 PM, Ryan. said:

Nor I. But I also wouldn't be surprised to receive an assessment letter saying I owed $6. That letter likely wouldn't come until 2026 when the low level admin gets around to sending it but it will come.

I dont think that would happen most of the time though, could it? Sure

Maybe with AI coming that will make every dollar easily to track.

On 3/14/2024 at 1:51 PM, WeR138 said:

But in the event that you are the target of an audit because of your funny book, New World Order has graciously decided to make you whole on the time and money you lost for following his accounting advice!   

You dont get a full blown audit you get a friendly letter like @Ryan. said.   Really not a big deal.

#1 red flag to get audited = you dont even file your taxes.

On 3/14/2024 at 3:27 PM, Ryan. said:

If the IRS believes that you owe them $1 you will get a letter in the mail. It's a formality. Gun toting agents are not showing up at your door.

Wesley snipes?

Again point being if someone forgot to report their saving account interest of $150 for the year 2023 I wouldnt lose sleep over it.

On 3/14/2024 at 1:42 PM, the blob said:

If ebay sends the IRS something saying I made $10K in sales I do worry about having to fill out another page on my taxes, that's all. Am I that worried if I say my cost basis is $9800 and I only made $200 profit (because the reality of it is that is probably true) I will get audited? Probably not, but I hate having to do more paperwork.

You are supposed to do that if you did $100 in ebay sales.  All sales from $1.00 to $1 billion technically are supposed to be reported.

Who cares about the threshold. That is just an eBay paperwork required of them by the Govt.

On 3/14/2024 at 3:20 PM, Ryan. said:

The IRS absolutely will, and has, gone after people for $500 and less. It doesn't involve lawyers; it's a form letter prepared and issued by an admin.

 

So the IRS will always do that the vast majority of the time?  The answer is generally no is my point. 

On 3/14/2024 at 3:22 PM, ADAMANTIUM said:

Wait I thought the threshold was now something other than $600?

You keep mentioning that amount or is it now something else?

The threshold has and always been is you make a $1.00 Profit you are supposed to report it on your taxes.

BTW I hate big govt.  Jut stating the rules of USA tax life.

I cut my grandmothers grass when I was a kid.  Yes they want their cut

On 3/14/2024 at 1:39 PM, the blob said:

Between me and my wife, her 4 jobs, consulting business, etsy sales, and a myriad of deductions my taxes are more complicated than my 1099 and an ebay sale though 

I would be filing separately then, unless you are saving money by combining. 

My point is even more true.  $500 comic really doesnt even matter to that return then.

@greggy 

Honestly @greggy just start your own CGC TaT thread. 

"current turn around rates at CGC with Greggy's submissions".  Way more useful (not joking) and close this thread.

BTW

Slow-Track Magazine invoice

Delivered to CGC yesterday

Received in my CGC account today SFG

What is the number #1 thing on the mind of every IRS employee that comes into work each day? 

Same as mostly all employees in history of the world.  "Whats the threshold for how long my lunch time is?"

The vast majority of the time they don't give 2 hoots about your $500 comic book.

Report the $500 on your taxes, and if you don't have the purchase paperwork from the year 1985 then give it your best college guess and call it life.  Not that hard.

On 3/13/2024 at 4:13 AM, jharvey said:

Seems nuts to pay $500 for a book, sell it for $500 and be expected to pay taxes on that. There was no profit.

In theory anyway. However, that could be difficult to prove if you bought it 10 years ago and didn't get/keep any sort of record or receipt.

All I see in this thread is a bunch of worry warts.

Do you actually think the USA Gov't is going to spend their time and resources on that?  Come on now.

Literally just give it your best guess on how much you paid and write in the expenses box and call it life.

I love how most comic collectors can tell you exactly who and what con they bought their ASM 300 at, but yet when it comes to remembering what they a paid it slips their mind.....

On 3/14/2024 at 9:11 AM, the blob said:

I read Sharon's post as saying she does not deduct expenses, which I would read as the cost of the book, but as someone else pointed out, could be the myriad of other expenses. The problem is ebay reports $500, so it is up to you to be in a position to prove that it wasn't 100% taxable profit.

Correct and that really not too much effort. Takes 5 seconds.

BTW $500 to the US Govt is basically .00000000000000000000000000000000000000000000000000000000000000000000000000000000001.

They are 110% not going to audit you if you report the $500, and make you provide paperwork on those expenses you deducted where you claim the profit was $200. 

500K a year?  Yes you should have all your expenses and be organized.

This thread is great

If they raised the threshold to 50K most of you here from the posts I have read would think the Gov't would allow you to keep your profit as long as your gross sales were kept under 50k, and they didn't send you a 1099.

On 3/12/2024 at 1:12 PM, the blob said:

Seems nuts to pay $500 for a book, sell it for $500 and be expected to pay taxes on that. There was no profit.

 

Then you owe nothing.

On 2/29/2024 at 12:50 PM, greggy said:

no no no, you must have March CGC invoices now.  You are still it!

You are still on the clock!

On 2/28/2024 at 10:28 AM, greggy said:

Tag your it

On 2/26/2024 at 12:33 PM, UncleAnwar said:

Not what I wanted to hear, but I'm afraid you're dead-on.

When I go to cons these days, sure there are younger generations there (I'm 46 btw) but they're usually there for dressing up, or Funko or toys or other merchandise. Some are there for comics sure, but most likely newer stuff.

When I get to the long boxes of back issues it's always dudes around my age and older. Oof.

Probably time to start listing asap

 

You will never go broke taking a profit.

People most of the time should be buying and selling every day possible. 

#1 Reason for that:  Every day you live could be your last and is guaranteed to be one day closer to your death.

Let me tell you all something...

This movie is pretty fun!

If you combined The Punisher & Michael Myers from Halloween and you have the main character!

I can't wait to own this movie.  I also recommend watching Jason in the movie Wrath of Man as well.